Victim’s Tax Relief Act

Lafayette Congressman Charles Boustany has demanded the Securities and Exchange Commission act to help victims of the Stanford Ponzi scheme. The investigation into Allen Standford, his Ponzi scheme, and the loss of millions to investors has been going on for two years.   Boustany says he has taken steps to protect investors from Ponzi schemes by introducing the  Ponzi Scheme Victim's Tax Relief Act. The bill expands the net operating loss carryback period for investors in a Ponzi-type scheme from five to 10 years. Victims who lost money in a Ponzi scheme can recoup the losses by declaring them as net operating losses during previous tax years and collecting refunds from those tax years.